The excuses about Olympic bonus handed on a tray to Olympic Fat Cats are a truckload of trash! There is no justification whatsoever for wasting millions of sterling pounds on those useless fellers. The Olympic Games would have run much smoothly without them anyway!
The whole business about the geezers that get top jobs and misuse of taxpayers' dosh is a moral and ethical highway robbery by robber barons! Who get these jobs anyway? Management high-flyers? No way mate! It's all about networking and the Old School Tie Mafia!
Get a pair of goggles if don't see this, mate!
Hands off tax payers' money! The widespread of bonus culture kind of morphs this country into a UK highway robbery Plc Ltd!
We're gutted, even far away in Nampula, Mozamique, a respectable member of the Commonwealth that we don't feel so common!
We're gutted, even far away in Nampula, Mozamique, a respectable member of the Commonwealth that we don't feel so common!
22 July 2013 Last updated at 00:44
Chief executive Dennis Hone was hired after his redundancy from his previous job
Redundancy payments for It sucks! Olympic executives cost £2.8m
Chief executive Dennis Hone was hired after his redundancy from his previous job
The financial reports of the Olympic Delivery Authority (ODA) show 144 officials were paid off because they were given permanent contracts despite the authority winding down in 2014.
Exit payments cost £2.8m in 2012-13, theAnnual Report and Accounts said.
Chief executive Dennis Hone, made redundant in March, was paid £80,000 and an "immediate pension" of £373,000.
An ODA spokesman said hiring the best people required many to give up secure long-term jobs elsewhere.
'Tough criteria'
Stephen Barclay, a Conservative member of the House of Commons public accounts committee called the situation "perverse" because "we knew when the Olympics were going to finish".
The financial reports note that the chief executive was entitled to receive statutory redundancy pay and a terminal bonus equivalent to 60% of his salary.
It said: "The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD."
Mr Hone was hired shortly after his redundancy as chief executive of the London Legacy Development Corporation.
An ODA spokesman said London 2012 had been a "unique and challenging project and a great British success story".
He said: "We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project's success or getting a job after the Games.
"Like other staff, Dennis Hone received performance related pay, but this was far from guaranteed and was measured against tough performance criteria, evaluated personally and in relation to the organisation he successfully led in the critical 18 months up to the Games, during London 2012 and immediately after."
On Friday, a report for the UK Trade and Investment department suggested the Olympics resulted in a £9.9bn boost for the economy.
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